Some of the country's biggest banks are reportedly teaming up to offer a digital wallet to compete with Apple Pay and PayPal.

Report: Big Banks Test New Digital Wallet to Compete with Apple Pay, PayPal

banks behind the payment service, Zel, I'm sure you're familiar with it working on a new service that you'll be able to use to check out when shopping online, basically think about Apple Pay, it's gonna be linked to your debit and credit cards. The new service doesn't have a name yet, but early warning services, they're gonna manage the wallet currently manages l this new wallet will remain separate though, so it is expected to launch in the second half of the year and the wallet is meant to compete with services you likely already use. Think Apple Pay and Paypal. Well, banks are concerned about tech giants like Apple getting into Fintech and taking control of their relationships with customers. Okay, so we want to know, do you use a digital wallet? Would you use this new wallet? You can vote on our poll twitter dot com backslash cheddar. That's where the pole lives. That's our twitter page. So okay, 60% say google pay or Apple pay. As you see, obviously I am a well you saw what kind of phone that I use. So I'm sure you can deduce there, but let's pull the full screen back up if we can. So obviously, okay, Paypal is another option. Yes. Would use bank owned still use cash or credit card. That means you gotta carry around the physical card. 22%. So look, it is, it's a competitive space and maybe they're not gonna, you know, create something obviously do an innovative, but I do think that in order to compete makes sense for the banks to participate In this route. So we will reveal the final tally before the end of our show, just before five p.m. Eastern. So vote if you haven't already.